San Antonio VA Loans
Are you considering buying a new house in San Antonio? Are you a veteran or current member of the military? If you answered yes to both of these questions, you might be eligible to qualify for a San Antonio VA Loan. The VA Home Loan Guaranty Program makes homeownership affordable for all its veterans by extending great benefits that are not found with conventional loans.
What is a VA Loan?
The VA does not actually issue the money itself; rather, it guarantees a portion of a private loan for you. Basic entitlement is $36,000 on loans up to $144,000 or up to 25% of the loan. This is how much your lender will receive in the event of foreclosure, so it is essentially the same as an insurance plan. What does this mean for you? Well, as a VA Loan recipient you are a very secure borrower, so you get to take advantage of benefits like zero-down payment, no mortgage insurance, low interest rates, minimal closing fees, quick approval, streamlined refinance and more.
How much can I borrow?
How much you can borrow without having to supply a down payment on the house varies from county to county. The VA sets loan limits in each county which is the maximum amount that they will guarantee. If you do find a house that is above this limit, it is still possible to receive a loan. However, your lender may require a down payment on the portion of the loan not insured by the VA.
How do I know if I’m eligible?
As a current member of the military, you are eligible for a VA Loan after serving 181 days of regular active-duty service. Veterans who served this amount of time and were honorably discharged from the military can also qualify. There are some exceptions to the rules, for instance, veterans released early for service-related injuries, widows of veteran killed in combat, spouses of POWs and veterans who served overseas in wartime might all be eligible for VA Loans.
Where do I start?
You can start the loan process today by taking a minute to fill out our free online form. It’s very fast and secure and has no obligations. Get started today!